Springfield daily republic. [volume] (Springfield, O. [Ohio]) 1887-1888, 1887-04-21
THE C|TY's BANKS.
Steady Growth of Spring
fields Financial Ma
chinery.
A Telling Index Of the City's
Material Prosperity.
Capital Deposits and Re-
serves TotaIIing Over
$4,000, 900.
The Ancient and Modern System
Of Banking.

The banking institutions and financial re-
poSlt"rieS OF all cities are To a very large eN-
ut a reflex nf their commercial rating and
prosperity. In proportion to the amount of
capital represented, quantity of money III
circulation, and the more or less compare
tive ease with which il is obtained on good
security, al low rates OF interest. il gauged
the thrift and commercial emIncnce of the
cities oI the country.
The present system III banking a. repre-
~eHted IA PriuciPle by all the leading gov
erument> of the earth is one OF the oldest
institutions known Ia civilization. Origi-
nally il Was not distinct profession. but il
wa> undertaken by goldsmiths and dealers
in precious metals. The bankers of ancient
Greece and Rome exercised nearly the same
functions As those OF the present day. They
received money on deposit 10 be repaid on
demand by checks or orders, or at some
stipulated period. sometimes paving for IL
and sometimes not.
Upon the revival of civilization banking
reaPpeared IN Italy. The bank of Venice
j. repnted the first in date in the history of
modern Europe, and was founded in li.l.
The origin Of modern banking is traced to
the moqey dealers of Florentine who stood
in the highest repnte as receivers on dep,Sit
ana lenders of money in the I4th century
The business Of banking was not intro
dueed into England until the l7th century.
where II began IN the same humble manner
~ its predecessor of Rome. through the
goldSmithS of Londen. The world-re-
nowned bank of England was founded ia
1894. by William Paterson. All intelligent
scotch gentleman. Its present proportions
and high rate Of credit in all commercial
and banking centers of the earth. as a mat
ter ot fact. sprang from a government loan
"i Il. 200. COG or about 81. 900. 900 Of Ameri-
can money, just prior 10 the drafting OF the
present charter Of the bank on the eth nf
july. 1894. The subscribers Ia the loan re-
ceiVed per cent. on the sum advanced as
interest. The first bank in the United
States hsd il, origin ia the formation of
banking company without 4 charter. which
wa> proposed IN a resolution passed June
l.. 1850, by citizens OF Philadelphia Con-
cres> took its first steps in an action for the
establishment of bank. June 2lSt 1880
The nifed States national banks were the
result ot recommendation of Secretary
Seward in his annual report for 1861 and
1867. The az; of congress which authorized |
the existing national system was approved |
"a February *. ls62. and was subsequent
ly superseded by the act OF June 3, 1854 |
which provided for the establishment of a |
national hank hrrr<.sn In tHe -ss1asssrs'N VT
lIartinent. nder this act national banks |
may ne organized by any number al persons |
not less than five, the capital in any M
stance 10 he not less than 500. .O0o except
al ia, elf tafi nnf
exceeding 100. national banks may b- eS-
raolished with a capital not less than
SO. 600. Not less than one-third OF the
capital is required to be- invested in the
| nitad States bonds. upon which circnlat-
ing notes may be ISSUED equal in amount 10
80 per cent. of the current market value.
hut not exceeding 30 per cent. OF the par
valIIe of the bonds deposited
The capital and credit Of Sprngiields
hank and monetary institutions stand
an Rng the highest "f any similar establish
ia .uts anywhere in the United States.
Iuey show large capital and constantly in
creasing assets in the way OF surplus and
profits. and in n very great measure point
directly To the thrift and prosperity to be
found locally. and in this section of the
state. Springfield can he. and should he.
regarded as a good center for the invest |
ment ot capital for the banking business.
The large accounts Of the varied aud eN-
t"ri>iNe manufacturing features Ia be found
within our corporation. together with the
general mercantile interest. of Springfield
and vicinity. are much sought after. With
the present great activity displayed by the
business life OF the city, review Of which
appears in this edition of tn. RErUEIIC.
the banks cannot fail Ia ind ready and
control. Thrty-SiN Incorporated compa-
MES, representing miscellaneous product
manufactured from all kinds Of metal.
wood. and the cereal grains. display capi-
tai aggregating nearly
si.50O.OoO.
The banks OF thecity show capital sur
plus and deposits exceeding
s5,oo0,oO0.
Ii i the opinion and report of the officers
Of the banks of Springfield. who were seen
concerning this subject. that money was a
tribe more stringent at this time than al the
opening Of the year. Still therr WAS no
squeeze in the market and no prospects of
any. In connection with this subject as
applied 10 our city the following statement
prepared al the treasury department.
Washington. shows the actual amount of
money in circulation in the United States
on April lst to be- aS follows:
Gold coin. So. POS i6.; standard silver
dollars. Sji. sga. SIS: subsidiary silver. >4S.-
.b26. 10: gold certificates, S94, u46. 0l5:
silver certificates. sI3l. $50. is9; United
States notes. S325.52l.O7s: National bank
notes. >2si. Id5. go. Total, Sl.@Ii, ,69S. :;42.
being a net increase oi =. ..ot2. .!2S in actual
circulation since March lst last.
Appended is a list of Springfield banks:
Fir~t National Bank.
No. l. south Limestone Street.